本文系统梳理了 ESG 评级分歧及其对企业融资影响的相关文献，界定并测度 ESG 评级分歧，分析其影响因素与经济后果，梳理企业融资的决定因素，重点探讨 ESG 评级分歧影响企业融资的作用机制与实证证据。研究发现，ESG 评级分歧主要通过信息不对称、融资约束、资本成本、债务期限结构、商业信用融资等渠道作用于企业融资，在不同情境下兼具负面与部分正向效应。

This paper systematically reviews the literature on ESG rating disagreement and its impact on corporate financing. It defines and measures ESG rating disagreement, analyzes its influencing factors and economic consequences, sorts out the determinants of corporate financing, and focuses on the mechanism and empirical evidence of how ESG rating disagreement affects corporate financing. The review finds that ESG rating disagreement mainly affects corporate financing through information asymmetry, financing constraints, capital cost, debt maturity structure, and trade credit financing channels, with both negative and partially positive effects in different scenarios.